Lloyds PPI Query

underdog010319

Hi all,

I took out a car loan from Lloyds Bank in 2010 (duration 5 years).
I was strongly advised by the bank to take out PPI (to cover the ongoing financial crisis / possible redundancy etc) which I agreed to & understood it was optional.
But I was not advised that I could take out PPI with another insurance provider.
I was not informed of their commission (the commission was not disclosed / explained to me).
How do I find out (e.g. from the Bank) if the commission was excessive & if I have a case to complain (via Plevin) ?
Any advice would be welcome please

-taff

You don't have a plevin claim.
Lloyds bank had stopped selling single premium PPI by 2010, was it a standalone monthly payment separate to the loan payment?

dunstonh

But I was not advised that I could take out PPI with another insurance provider.

There is no requirement for them to do that. That is a myth based on a misunderstanding. They are not allowed to force you to have their product. They have to make it clear it is optional. They do not have to tell you that you can buy it elsewhere.

i.e. if you asked if you could be it elsewhere they would have to say yes. However, they do not have to offer that information up to you.

I was not informed of their commission (the commission was not disclosed / explained to me).

There is no FCA rule requiring commission disclosure.

So, no apparent missale reasons there. However, Plevin is likely to apply.

-taff

dunstonh wrote: »

However, Plevin is likely to apply.

oops, apologies....:o

underdog010319

OK thanks for this guys